Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net earnings (loss) $ 865 $ 1,890 $ 924
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 905 824 354
Stock-based compensation 192 230 150
Share of (earnings) loss of affiliates, net (18) (104) (14)
Realized and unrealized (gains) losses on financial instruments, net (40) 88 (37)
Noncash interest expense (1) 16 11
Losses (gains) on dilution of investment in affiliate 1 (3)  
Loss on early extinguishment of debt 1 48 24
Deferred income tax expense (benefit) 167 (1,064) 427
Other charges (credits), net (17) 4 30
Changes in operating assets and liabilities      
Current and other assets (31) 50 25
Payables and other current liabilities 132 (247) 277
Net cash provided (used) by operating activities 2,156 1,732 2,171
Cash flows from investing activities:      
Cash proceeds from sale of investments 399 21 62
Net cash paid for the acquisition of Formula 1   (1,647)  
Investments in equity method affiliates and debt and equity securities (414) (862) (784)
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 14   48
Capital expended for property and equipment (403) (517) (568)
Purchases of short term investments and other marketable securities     (258)
Sales of short term investments and other marketable securities     273
Other investing activities, net 34 (132) (37)
Net cash provided (used) by investing activities (370) (3,137) (1,264)
Cash flows from financing activities:      
Borrowings of debt 3,617 6,697 2,745
Repayments of debt (4,057) (5,107) (1,749)
Proceeds from Issuance of Series C Liberty Formula One Common Stock   1,938  
Series C Liberty SiriusXM common stock repurchases (466)    
Subsidiary shares repurchased by subsidiary (1,314) (1,409) (1,674)
Proceeds from Liberty Braves common stock rights offering     203
Cash dividends paid by subsidiary (59) (60) (16)
Taxes paid in lieu of shares issued for stock-based compensation (130) (135) (58)
Other financing activities, net 29 (48) 3
Net cash provided (used) by financing activities (2,380) 1,876 (546)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (1) 4  
Net increase (decrease) in cash, cash equivalents and restricted cash (595) 475 361
Cash, cash equivalents and restricted cash at beginning of period 1,047 572 211
Cash, cash equivalents and restricted cash at end of period 452 1,047 572
Liberty Sirius XM Group      
Cash flows from operating activities:      
Net earnings (loss) 1,004 1,659 657
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 369 352 312
Stock-based compensation 156 150 128
Share of (earnings) loss of affiliates, net 11 (29) (13)
Realized and unrealized (gains) losses on financial instruments, net 1 16  
Noncash interest expense (8) 7 6
Loss on early extinguishment of debt   35 24
Deferred income tax expense (benefit) 231 (492) 332
Other charges (credits), net 2 (4) 21
Changes in operating assets and liabilities      
Current and other assets (4) 30 59
Payables and other current liabilities 21 127 184
Net cash provided (used) by operating activities 1,785 1,849 1,704
Cash flows from investing activities:      
Investments in equity method affiliates and debt and equity securities (405) (851)  
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 14    
Capital expended for property and equipment (356) (288) (206)
Other investing activities, net (9) (115) (4)
Net cash provided (used) by investing activities (756) (1,254) (210)
Cash flows from financing activities:      
Borrowings of debt 2,795 4,553 1,847
Repayments of debt (2,431) (3,216) (1,471)
Series C Liberty SiriusXM common stock repurchases (466)    
Subsidiary shares repurchased by subsidiary (1,314) (1,409) (1,674)
Cash dividends paid by subsidiary (59) (60) (16)
Taxes paid in lieu of shares issued for stock-based compensation (127) (100) (47)
Other financing activities, net 50 (35) (16)
Net cash provided (used) by financing activities (1,552) (267) (1,319)
Net increase (decrease) in cash, cash equivalents and restricted cash (523) 328 175
Cash, cash equivalents and restricted cash at beginning of period 625 297 122
Cash, cash equivalents and restricted cash at end of period 102 625 297
Braves Group      
Cash flows from operating activities:      
Net earnings (loss) 11 (26) (62)
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 76 67 32
Stock-based compensation 11 48 9
Share of (earnings) loss of affiliates, net (12) (78) (9)
Realized and unrealized (gains) losses on financial instruments, net 2   (1)
Noncash interest expense 5 3 5
Loss on early extinguishment of debt   5  
Deferred income tax expense (benefit) (1) 2 1
Other charges (credits), net (20) 18 11
Changes in operating assets and liabilities      
Current and other assets 8 (57) (17)
Payables and other current liabilities (22) (15) 105
Net cash provided (used) by operating activities 103 (42) 89
Cash flows from investing activities:      
Cash proceeds from sale of investments 155 5  
Investments in equity method affiliates and debt and equity securities   (2) (20)
Capital expended for property and equipment (33) (219) (360)
Other investing activities, net 37 (5) (33)
Net cash provided (used) by investing activities 159 (221) (413)
Cash flows from financing activities:      
Borrowings of debt 123 544 460
Repayments of debt (317) (218) (276)
Proceeds from Liberty Braves common stock rights offering     203
Taxes paid in lieu of shares issued for stock-based compensation   (30)  
Other financing activities, net (18)   15
Net cash provided (used) by financing activities (212) 296 418
Net increase (decrease) in cash, cash equivalents and restricted cash 50 33 94
Cash, cash equivalents and restricted cash at beginning of period 140 107 13
Cash, cash equivalents and restricted cash at end of period 190 140 107
Formula One Group      
Cash flows from operating activities:      
Net earnings (loss) (150) 257 329
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 460 405 10
Stock-based compensation 25 32 13
Share of (earnings) loss of affiliates, net (17) 3 8
Realized and unrealized (gains) losses on financial instruments, net (43) 72 (36)
Noncash interest expense 2 6  
Losses (gains) on dilution of investment in affiliate 1 (3)  
Loss on early extinguishment of debt 1 8  
Deferred income tax expense (benefit) (63) (574) 94
Other charges (credits), net 1 (10) (2)
Changes in operating assets and liabilities      
Current and other assets (35) 77 (17)
Payables and other current liabilities 133 (359) (12)
Net cash provided (used) by operating activities 268 (75) 378
Cash flows from investing activities:      
Cash proceeds from sale of investments 244 16 62
Net cash paid for the acquisition of Formula 1   (1,647)  
Investments in equity method affiliates and debt and equity securities (9) (9) (764)
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities     48
Capital expended for property and equipment (14) (10) (2)
Purchases of short term investments and other marketable securities     (258)
Sales of short term investments and other marketable securities     273
Other investing activities, net 6 (12)  
Net cash provided (used) by investing activities 227 (1,662) (641)
Cash flows from financing activities:      
Borrowings of debt 699 1,600 438
Repayments of debt (1,309) (1,673) (2)
Proceeds from Issuance of Series C Liberty Formula One Common Stock   1,938  
Taxes paid in lieu of shares issued for stock-based compensation (3) (5) (11)
Other financing activities, net (3) (13) 4
Net cash provided (used) by financing activities (616) 1,847 355
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (1) 4  
Net increase (decrease) in cash, cash equivalents and restricted cash (122) 114 92
Cash, cash equivalents and restricted cash at beginning of period 282 168 76
Cash, cash equivalents and restricted cash at end of period $ 160 $ 282 $ 168